Agenda and draft minutes

The members had before them the Agenda papers. (previously circulated)

An apology was received from Cllr Karen Hanks.

Cllr Adrian Hardman declared an interest as his wife was a member of Gloucestershire Pension Fund.

Members of the public wishing to take part should notify the Assistant Director for Legal and Governance in writing or by e-mail indicating both the nature and content of their proposed participation no later than 9.00am on the working day before the meeting (in this case 28 September).  Enquiries about this can be made through the telephone number/e-mail address listed in this agenda and on the website.

None.

RESOLVED that pursuant to Section 100A of the Local Government Act 1972, the press and public shall be excluded from the meeting during items 4 – 6 on the grounds that there would be disclosure to them of information relating to the financial or business affairs of any particular person (including the authority holding the information) and the public interest in maintaining the exemption outweighs the public interest in disclosing the information.

Summary of the proceedings of the meeting during which the press and publicwere excluded. (This is a fair summary of the proceedings.)

The Sub-Committee considered the Nomura Far East Developed Equities and Emerging Markets Active Manager Worcestershire Pension Fund Performance Review.

The Sub-Committee received a presentation from Andrew Whitaker, Vipul Mehta, and Yasuhiro Mimbuta representatives of Nomura.

RESOLVED that:

a)    Nomura Far East Developed Equities and Emerging Equity Markets Active Manager Quarterly review as at the end of June 2023 be noted; and

b)   The potential impact on the existing portfolio of excluding China and China together with Hong-Kong from the current mandate be noted.

The Sub-Committee considered the ARA Europe Venn Commercial Real Estate Funds I and II Worcestershire Pension Fund Performance Review and ARA Real Estate Debt Fund III Presentation.

The Sub-Committee received a presentation from Beatrice Dupont and Paul House, representatives of ARA Europe.

RESOLVED that:

a)    The ARA Europe Venn Commercial Funds I and II quarterly review as at the end of June 2023 be noted; and

b)   The ARA Real Estate Debt Fund III presentation attached to the report as an Appendix be noted.

The Sub-Committee considered the LGPS Central UK GILT Discretionary Mandate.

The Sub-Committee received a presentation from Gordon Ross and Juliana Mansor from LGPSC.

RESOLVED that the LGPS Central UK GILT Discretionary Mandate presentation be noted.